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  • Jason McClean
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Flood Re Insurance has arrived in the UK and if you live in a flood risk area you are probably wondering how it will help you. This is your guide on what to expect in reality now that Flood Re has started. It’s an experienced eye view of what it means for home insurance and the difference it will make for you.

Flood Re now exists
The good news is that Flood Re Insurance exists and you can buy policies now. The way it works is like this: the insurer will place your flood risk in a special cover that is backed by the Re Insurance that is funded by a pot of money from all home insurance policies. Any claims made will come from this pot of money. It means the insurer can rate your home insurance as a normal policy – in theory at least.
There are plenty of insurers offering this right now but you need to be mindful that maybe they are not the most competitive on price, regardless of the Flood Re element. Just because they can offer it does not mean they are the most cost effective. The policies could be very expensive for standard home insurance and any benefit of the Flood Re element may be outweighed by additional costs.

Can’t find a flood re insurer?
Finding Flood Re insurers will not be easy in the early days as not everyone has adopted the scheme or has access to it. This is because either they don’t want to offer it or do not have the insurers with the correct underwriting.
Certainly in 2016 you’ll need to look hard to find the right providers and as mentioned above, then you need to make sure they are competitive. We would suggest for at least the first two years, comparing with specialist flood insurance providers will be useful as current policies may be better and more cost effective as they have been developed over years. And many of these brokers will also have access to Flood Re and be at the forefront of creating the most cost effective policies.

How to buy the best flood insurance – with Re or not
This is the easy bit. You need to go to The Property Insurer and click on the Flood Insurance button. It will connect you to three of the best flood insurers in the UK, with one of them already offering Flood Re. That allows you to compare prices from the best in the UK and get cover one way or another. It only takes minutes to complete. Flood Re has arrived but don’t depend on it yet, keep the specialists in mind as well.

Flood Re

Flood Re Insurance Is Now Available

I am a director of the Property Insurer and Property Landlord. We tell it how it really is. Yes property insurance can be boring , but our job is to make it more interesting, useful and above all save you money!